Historic vs. New Construction Homes in Chicago: Which is Best for Buyers?
As the birthplace of the skyscraper, Chicago has a rich architectural history. Beyond that, it also boasts some of the most diverse residential architecture in the country—if not the world. While many buyers dream of owning historic Chicago homes, they aren’t right for everyone. Even if you love the architecture, a new construction home might be a better choice. But how do you know if you should buy historic or new construction homes in Chicago? Read on as we explore this topic.
Historic Properties vs. New Construction Homes in Chicago
Character and Design
Some of the most notable differences are in these homes’ architecture, design, and character. Historic homes, such as greystones, Chicago bungalows, Victorians, and Tudors, showcase craftsmanship rarely seen today. They have features like intricate masonry and woodworking, vintage materials, and fine attention to detail, which gives them a unique character while providing a sense of history and charm.
In contrast, new construction emphasizes modern aesthetics, functionality, and efficiency. Buyers can expect open floor plans and contemporary finishes. The interiors also tend to be airier and allow more natural light. Buyers can customize layouts and fixtures while enjoying the latest technology. Buying new construction can offer more options and allow you to create a home that is truly your own.
Condition and Maintenance Concerns
Property condition and upkeep can make a significant difference when choosing between historic and new construction homes. While historic homes may offer distinctive character and charm, they often have age-related issues. Some might need extensive renovations or updates to electrical, plumbing, and HVAC systems. There’s also ongoing maintenance to preserve or restore features like woodworking and masonry. Some homes may also be subject to historical preservation restrictions.
New homes are in better condition and need less immediate maintenance. Today’s builders use modern materials and construction systems that often reduce maintenance needs. These homes may also have features like the most modern HVAC and plumbing systems, efficient windows, and smart technology. While construction quality varies, buyers typically expect fewer issues from new construction homes in Chicago.
Financial Pros and Cons
Buyers can expect differing financial concerns between new construction and historic homes. Many historic homes come with a level of prestige. That often results in them costing more per square foot. Many are also in sought-after neighborhoods that may push the price higher. Additionally, you may need to consider maintenance and renovation costs when buying a historic home. However, the history of these homes makes them an asset that appreciates well. Some owners may be eligible for various tax breaks associated with preserving historic homes.
New construction homes may offer wider price ranges and greater flexibility in pricing. The prices may vary depending on size, location, finishes, and features. These homes may also be easier to finance, with banks seeing them as less risky. Buyers also don’t need to worry about the costs of updates and renovations. The owner will also experience lower maintenance and utility costs with most new homes.
The choice between a historic home and new construction will come from the buyer’s needs and preferences. Historic homes appeal to those who love these properties’ architecture and unique character. New construction will appeal to those who value convenience, energy efficiency, and modern amenities. When deciding, evaluating your lifestyle and what you want from a home is important.
Are you looking to buy a home in Chicago? Click here to contact the MG Group. Whether historic homes or new construction, we can guide you to the right properties. Reach out now to start the search for your ideal home.
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